The Nifty closed 22,422 after a 199‑point tumble, a 3% weekly drop that eclipses the 1.5% pullback analysts had pencilled in for the week. The Sensex mirrored the slide, falling 571 points to 71,910, and the rupee slipped 48 paise to 95.92, its biggest single‑day decline in two months. BSE‑listed firms saw a combined market‑capital erosion of almost ₹20 lakh crore, underscoring the breadth of the sell‑off.
Auto stocks were the worst‑performing sector, dragging the Nifty Auto index down more than 3%. Bajaj Auto plunged 8% after monthly sales fell short of expectations, while Maruti Suzuki slipped 5% despite in‑line sales. Auto financiers Shriram Finance and Cholamandalam Investment & Finance also fell as much as 4%, leaving the sector a net loser for the week.
In contrast, IT stocks offered a glimmer of support. The Nifty IT index gained 2.1% over the week, buoyed by gains in Infosys and Wipro, and became the only sector to finish in positive territory. The rally, however, was insufficient to offset the broader market drag.
Banking stocks proved relatively resilient. The Nifty Bank index fell 182 points to 54,451, a 0.33% decline, but HDFC Bank’s stability helped keep the sector within a 2% loss for the week. The banking index’s modest retreat contrasts with the steep falls in auto and mid‑cap stocks.
Market breadth remained weak, with the advance‑decline ratio at 1:3. PB Fintech continued its sixth straight session of losses after the Insurance Regulatory and Development Authority’s consultation paper, and mid‑cap names like Uno Minda and Swiggy saw declines. Meanwhile, a handful of mid‑cap names such as Mphasis and Coforge edged higher.
Looking ahead, traders will monitor the RBI’s policy statement next week, which could signal a shift in liquidity conditions. The earnings calendar is packed with auto‑sector reports, and investors will be watching for any signs of a rebound in sales and profitability. The market will also gauge whether the rupee’s slide below ₹96 per dollar persists, as that could influence capital‑flow dynamics and risk sentiment.